SoftBank Group Corp. said Monday it swung to a net loss of 3.16 trillion yen ($23.4 billion) in the April-June quarter, as its Vision Funds sustained hefty losses from investment in startup shares.

The loss is a sharp turnaround from a net profit of 761.51 billion yen in the same quarter last year.

Revenue rose 6.3 percent to 1.57 trillion yen in the first quarter of the business year through March 2023, the company said.

SoftBank Group did not release its full-year forecast.

The red ink largely reflects a loss of 2.9 trillion yen from its Vision Funds business that focuses on investment in startups with growth potential on the back of fears of a global recession.

The investment giant reported a record net loss of 1.71 trillion yen in the previous business year ended March, the second largest posted by a Japanese firm.

==Kyodo

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